SOUTH SAN FRANCISCO, Calif.,
Oct. 28, 2020 /PRNewswire/ -- Titan Pharmaceuticals, Inc.
(NASDAQ:TTNP) today announced that it has entered into a definitive
asset purchase agreement (the "Agreement") with JT Pharmaceuticals,
Inc. ("JT Pharma"), a peptide drug development company, to acquire
JT Pharma's kappa opioid agonist peptide, JT-09, for use in
combination with Titan's ProNeura® long-term, continuous
drug delivery technology, for the treatment of chronic
pruritus.
Under the terms of the Agreement, JT Pharma is entitled to
receive from Titan future milestone payments based on the
achievement of regulatory milestones, including potential
regulatory approval for commercialization, plus single-digit
percentage earn-out payments on net sales of the product.
"Current treatments for moderate to severe chronic pruritus, a
debilitating condition characterized by itching of the skin lasting
longer than six weeks, are relatively ineffective and are
associated with undesirable side-effects," said Dr. Kate DeVarney, President and Chief Operating
Officer of Titan. "Our early non-clinical data suggest that
subcutaneous implantation of JT-09 ProNeura implants could
potentially deliver therapeutic concentrations of JT-09 for six
months or longer, and we are looking forward to conducting
additional preclinical studies to establish proof-of-concept with
data available in the first half of 2021."
The closing of the agreement is subject to customary closing
conditions and Titan's completion of a financing with gross
proceeds of at least $8,000,000.
About Titan Pharmaceuticals
Titan Pharmaceuticals, Inc. (NASDAQ:TTNP), based in South San Francisco, CA, is a commercial stage
company developing proprietary therapeutics with its
ProNeura® long-term, continuous drug delivery
technology. The ProNeura technology has the potential to be used in
developing products for treating a number of chronic conditions,
where maintaining consistent, around-the-clock blood levels of
medication may benefit the patient and improve medical outcomes.
For more information about Titan, please visit
www.titanpharm.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Such statements
include, but are not limited to, any statements relating to our
product development programs and any other statements that are not
historical facts. Such statements involve risks and uncertainties
that could negatively affect our business, operating results,
financial condition and stock price. Factors that could cause
actual results to differ materially from management's current
expectations include those risks and uncertainties relating to our
ability to raise capital, the winding down of U.S. commercial
activities related to Probuphine, the regulatory approval process,
the development, testing, production and marketing of our drug
candidates, patent and intellectual property matters and strategic
agreements and relationships. We expressly disclaim any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in our expectations or any changes in events, conditions or
circumstances on which any such statement is based, except as
required by law.
CONTACT:
Stephen Kilmer
Investor Relations
(650) 989-2215
skilmer@titanpharm.com
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SOURCE Titan Pharmaceuticals, Inc.